Apr 302013

MANILA, Philippines (Xinhua) – The local index climbed to the upper band of the 7,000-mark today as investors started buying stocks with promising corporate earnings.

The bellwether Philippine Stock Exchange index gained 0.61 percent, or 42.64 points, to 7,070.99, while the broader all-share index rose by 0.41 percent, or 17.85 points, to 4,409.73.

Trading volume reached 4.1 billion shares worth P10.83 billion ($263.35 million) with 91 stocks advancing, 82 declining, and 39 were unchanged.

Of the six counters, only the mining and oil sector bucked the trend.

“The composite index advanced for the fourth consecutive session, driven by strong corporate earnings,” DBP-Daiwa Securities, Inc. said in its daily stock market comment.

2TradeAsia.com said sessions will continue to “stay light” until new developments in China unfold.

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“For now, local equities may track developments abroad, especially if reaffirmed support for monetary stimulus measures is made,” the online brokerage said.

The brokerage said financials and interest rate-sensitive sectors might take the lead, as well as second and third tier stocks that have breached oversold levels.  

Stocks in the 30-company index closed mixed. Among those picked up were Ayala Land, Inc., heavyweight Philippine Long Distance Telephone Co., and SM Investments Corp.

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